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Scarcity Bias (Behavioural Economics)

Level:
A-Level, IB Diploma
Board:
AQA, Edexcel, Eduqas, IB, OCR, WJEC

Last updated 21 Mar 2021

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Humans have a strong scarcity bias. We unconsciously assume things that are scarce are valuable and things that are abundant are not. The scarcity bias impulse frequently kicks in when we are told that a product is in short supply and we might miss a great deal unless we book/pay now! This short video looks at two examples of scarcity bias from the hotel and airline industries.

Behavioural Economics - Scarcity Bias
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